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THE HISTORY OF PLATINUM
Platinum in the 1800’s
Article # : platinum106
1800’s
Early in the 19th century, new refining techniques increased platinum's availability for use in a growing number of industries. As more platinum became available, it was soon being used in gun parts, sophisticated batteries and fuel cells, the production of caustic chemicals (the first platinum sulphuric acid boiler weighed over 400 ounces) and the purification of hydrogen.
One constant problem preventing the even more rapid spread of platinum use was its extremely limited supply. In fact, in 1820, Columbia, still the only major producer of platinum in the world, ceased exporting the metal due to the nation's independence from Spain. Luckily for the growing platinum industry, a new supplier was soon found: Russia.
In 1822, alluvial platinum was proved to be present in the gold fields of the Ural Mountains. Since there was little demand for platinum in Russia for jewellery, industrial or scientific use, and still only modest amounts were needed abroad, the Russian government decided to make platinum into a monetary metal by producing platinum roubles. Over the next 18 years, the Russian government minted almost 500,000 ounces of platinum and, perhaps more importantly, introduced to the world the notion that platinum was not just a commodity, but was also, like gold, a store of value.
Source: Platinum Guide International